Foreign banks to be allowed to set up branches in Russia from 1 September 2024
22 August 2024
****Dear Ladies and Gentlemen!****
All foreign banks (including banks from “unfriendly” jurisdictions) will be allowed to set up branches in the Russian Federation. At present, they can only establish subsidiary banks or representative offices.
The relevant Federal Law No. 275-FZ was adopted on 8 August 2024. The amendments will come into force on ****1 September 2024****.
More details here.
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Note: please be aware that all information provided in this letter is based on an analysis of publicly available information as well as our understanding and interpretation of legislation and law enforcement practices. Neither ALRUD Law Firm nor the authors of this letter bear any liability for the consequences of any decisions made in reliance upon this information.
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Sincerely,
ALRUD Law Firm
Lesnaya st., 7, 12th fl., Moscow, Russia, 125196
Т: +7 495 234 96 92, Т: +7 495 926 16 48, info@alrud.com
alrud.com
Т: +7 495 234 96 92, Т: +7 495 926 16 48, info@alrud.com
alrud.com